40% of employers plan redundancies

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Over two-fifths of employers plan redundancies A survey by the think tank Bright Blue has found that 44% of businesses using the Government’s job retention intend to make redundancies when the support is withdrawn in October. Economists fear that redundancies will start rising from next month, when companies have to start paying national insurance and pension contributions, representing 5% of employment costs. Medium-sized businesses were most concerned about meeting these obligations from August, with 65% saying they would cut jobs when the scheme ends in October. Former Chancellor Norman Lamont says in the Telegraph that the Government should temporarily suspend or reduce Employers' National Insurance Contributions to prevent a “tsunami of unemployment.”

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